Monthly Archives: May 2013

Can I Use My 401(k) to Buy a New Home in Massachusetts?

This month Mass Mortgage Buddy is excited to feature an article in our guest blogger section by Keller Williams’ agents Kelly and Joe Provost. This married dynamic duo has one of the fastest growing real estate teams in Worcester County. The following article provides valuable insight about the ability for a prospective home buyer to utilize their 401(k) plan to purchase a new home in Central Massachusetts. I hope you enjoy the following contribution as much we did. Read more…

Using Compensating Factors to Beef up Your FHA Application

The FHA insured loan offers more flexible underwriting standards that its cousins Fannie Mae and Freddie Mac. As a result, prospective Massachusetts home owners have been turning to FHA insured mortgage products more and more in recent years.┬áHUD and FHA have recently announced their commitment to strengthen the FHA insurance fund and make sure that the FHA insured mortgage option is available for the next generation. This is a sugar coated way of saying that FHA doesn’t have enough money to back up its mortgage portfolio and in turn they have increased mortgage insurance premiums and are tightening up their underwriting guidelines. These changes come at a time when more and more renters are looking to get pre-approved for the first time, but don’t let this discourage you from the dream of home ownership. FHA has little known blue print to help you Read more…

Mortgage Underwriting Starting to Loosen its Grip

Massachusetts’s home owners and prospective buyers may possess the desire to buy a new home or refinance their current one, but if the mortgage financing is not available, the desire can quickly turn into frustration. Lending standards and practices have gone through some dramatic changes over the last decade. ┬áThe Wild West pendulum of regulation was pushed completely Read more…

New Mortgage Buddy App Giving Home Buyers an Edge

If you have been watching the nightly news or reading the Boston papers lately, you have probably heard that the Massachusetts real estate market is on fire. Real estate agents are reporting that properties listed for sale in MA are receiving multiple offers and many homes are selling above asking price. The real estate market has quickly shifted from a buyer’s market to a seller’s market leaving local agents searching for more inventory to list. When looking for that perfect home in a competitive market, having every Read more…